Strategy development, also known as strategic planning, is fundamental to creating and running a business. Simply put, it’s a game plan that sets specific goals and objectives but like a game plan, it is capable of being changed in response to shifting market dynamics.
A strategic plan isn’t just a document to keep everyone on track. Having everyone participate in the strategic planning process fosters collegiality and creates an opportunity for discussion on the direction of the organization, which is why strategic planning often results in cultural transformation. In addition, the process promotes the open and creative exchange of ideas, including resolving disputes and working out effective solutions.
Most organizations have hard-working employees who put their best efforts into areas that have no effect on strategic success or accomplishing important goals and objectives. Having employees involved in the strategic planning process not only ensures everyone is on the same page when the execution phase of the planning process begins, but also that employees will be able to make better decisions and execute in the best interests of the plan and plan goals